## Lucy invested $30,000 in an account paying an interest rate of 6.6% compounded continuously. Assuming no deposits or withdrawals are made, h

Question

Lucy invested $30,000 in an account paying an interest rate of 6.6% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 9 years?

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2022-01-14T20:10:28+00:00
2022-01-14T20:10:28+00:00 2 Answers
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## Answers ( )

Answer:A≈

54300Step-by-step explanation:Answer:

$287,800

Step-by-step explanation:

A=P(1+r)t

Where

A=Compound Interest value

P=Principal or present value

r=rate of interest

t= time

Given,

P=$30,000

r=6.6%=0.066

t=9 years

A=$30,000(1+0.066)9

A=$30,000(1.066)9

A=$30,000(9.594)

A=$287,820

Approximately

$287,800